Stelux sales slump as network trimmed

Stelux Holdings, parent of the City Chain watch retail business, says its sales in the December quarter were down 32.6 percent, or by HK$198.98 million (US$25.6 million).

The company closed about 15 percent of its stores, primarily in Hong Kong, as social unrest continued throughout the city, affecting sales to both locals and visitors.

While the company did not break out figures for Hong Kong, it said revenue for Greater China was down by 46.1 percent in the quarter, to $110.3 million. Sales in Southeast Asian stores, which comprise about 40 percent of the business, slipped by 2 percent.

Total group sales were $650.5 million, compared with $895.8 million in the same quarter a year earlier.